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Tax implication for Surrender of ULIP plan after 7 years

This query is : Resolved 
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(Querist)
19 January 2021 HDFC LIFE ULIP Plan
Premium- 1lakh/year.
Tenure-15 years
Insurance amount- 10 Lakh
Started in Feb 2014.

So, it has been 7 years since I bought this ULIP and now I want to surrender it as the lock-in period of 5 years is over.

I can surrender it and get full fund value as it is more than 5 years. My question is

1) How will this affect my 80C deduction (which I have already claimed) especially for the last 2 years?
2) What is the tax implication for surrender value? Is it fully exempt after lockin period?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
01 December 2021 1. Deduction claimed in last 5 years will be added back.
2. No tax liability if sum assured is Rs.10 lakhs.
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